Far Eastern Department Stores Ltd (2903) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Far Eastern Department Stores Ltd stock TWD 26.52, price TWD 21.35, upside +24.2%, quality 58 out of 100. Rating: undervalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 17.07 TWD – 35.70 TWD · fair‑value band 19.89 TWD – 33.15 TWD · the 21.35 TWD price screens below the 26.52 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Far Eastern Department Stores, Ltd., together with its subsidiaries, operates department stores and supermarkets in Taiwan.
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The company offers various products, including general merchandise, silk nylon, cotton cloths, candies cookies, cans, entertainment appliances, hardware, furniture, decorations, handmade products, stationery, library appliances, CD/DVD, camera appliances, children toys, shoe/hat/raining garments, medical equipment, cigarette/wine, rice/corn, salt, beverage, clocks/watches/glasses/cameras and maintenances, and electronic business and maintenance.
It also engages in children's entertainment playground/facility business; restaurants; food courts; beverage stores; film developer shops; advertisement and gourmet grocery market; fresh food business; frozen vegetables; frozen meat/fish; dry foods; flavoring sources; storage; vendor machines and measurement devices; gold and jewelry; and tape recorder, radar CD player, and sale of film tape and CD/DVD. In addition, the company is involved in the dealer business of vehicles and vehicles parts; vehicles repair; operation and management of parking lot; gas station; art gallery; wire and wireless telecom appliances; hair salon and beauty services; stores in international and general tourist hotels; computer and telecom instrument/services; photo shoot; festivities; leisure and entertaining activities; and import of tobacco and liquor.
Far Eastern Department Stores, Ltd. was incorporated in 1967 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Far Eastern Department Stores Ltd (2903) currently trades at 21.35 TWD, while our model-based Fair Value estimate is 26.52 TWD, implying the stock looks roughly 19% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 48.36 TWD per share, and 17 of the 23 models we run sit above the 21.35 TWD price.
Bear case: the Dividend Discount group reads lowest at 12.85 TWD, and 6 of the 23 models stay below the price. Data coverage for this calculation is low.
Scenario range: 19.89 TWD (bear) to 33.15 TWD (bull), the price of 21.35 TWD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Spin-off in 2014: revenue and profit before it include the divested business. Growth is measured afresh from 2014.
Far Eastern Department Stores Ltd reported revenue of 34.1B TWD in FY2025 versus 35.3B TWD in FY2021, a compound −0.9%/yr. Reported net income was 2.2B TWD in FY2025, compounding +16.1%/yr from FY2021.
Key figures
Market cap 30.3B TWD (≈ $924M) Small · P/E ratio 14.4 · P/S ratio 0.89 · EPS (TTM) 1.48 TWD · Dividend yield 5.9% · Net margin 6.2% · Return on equity 6.6% · Return on assets (EBIT) 3.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 24%, 2903 screens cheaper than that median.
Fair Value models
Bear19.89 TWDFair Value 26.52 TWDBull33.15 TWD
Price 21.35 TWD · Upside +24.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.1966 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2014: revenue and profit before it include the divested business. Growth is measured afresh from 2014.
Revenue growth 1 year
−2.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.8%
Start year 2020 (pandemic). Over 10 years: −2.7% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.7%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+7.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.1%
Dividend (yield on the price)5.9%
Per share before 2014divided by the spin-off factor 1.02
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1.1% vs 2.3%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 12%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 2.5%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−11.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −12.5% a year for the price.
Compare Far Eastern Department Stores Ltd with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Department Stores · 107 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+24.2% · Above median
Profitability
Return on equity (12 months)6.6% · Above median
Return on assets1.6% · Below median
Net margin (12 months)6.2% · Above median
Operating margin (12 months)13.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−0.3% · Below median
Dividend yield (12 months)5.9% · Top 25%
Balance sheet
Debt / equity0.47× · Highest 25%
Valuation Multiplesvs Department Stores median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Far Eastern Department Stores Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2903
Frequently asked questions
Is Far Eastern Department Stores Ltd (2903) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 26.52 TWD versus a price of 21.35 TWD, about +24% upside (undervalued).
What is the fair value of 2903?
Our model-based fair value for Far Eastern Department Stores Ltd is 26.52 TWD (as of Nov 5, 2026), built from audited fundamentals. The current price: 21.35 TWD.
What is the quality score of 2903?
Far Eastern Department Stores Ltd has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Far Eastern Department Stores Ltd (2903)?
Our model-based price target is the fair value of 26.52 TWD (as of Nov 5, 2026) from 23 valuation models. Cautious scenario 19.89 TWD, optimistic scenario 33.15 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Far Eastern Department Stores Ltd stock forecast for 2026?
Our models put fair value at 26.52 TWD, about +24% upside versus a price of 21.35 TWD (undervalued). Cautious scenario 19.89 TWD, optimistic scenario 33.15 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Far Eastern Department Stores Ltd (2903)?
Far Eastern Department Stores Ltd reported trailing-twelve-month revenue of about 34.0B TWD (latest available figure, as of Nov 5, 2026).
Does Far Eastern Department Stores Ltd pay a dividend?
Far Eastern Department Stores Ltd currently shows a dividend yield of 5.85% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Far Eastern Department Stores Ltd (2903) and when is the ex-dividend date?
Far Eastern Department Stores Ltd pays a dividend of 1.25 TWD per share a year, a dividend yield of 5.9%. The last ex-dividend date was Jul 1, 2026. The payout ratio is 84.5% of earnings. Free cash flow covers the dividend 3.22 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Far Eastern Department Stores Ltd (2903)?
For today's price to be fair in a discounted-cash-flow model, Far Eastern Department Stores Ltd would have to grow free cash flow by -11.2 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.8 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 2903 use?
Our models discount Far Eastern Department Stores Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.06, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Far Eastern Department Stores Ltd that is -11.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Far Eastern Department Stores Ltd (2903) delivered so far?
Over the past 5 years revenue at Far Eastern Department Stores Ltd grew -1.8 % a year. The price currently implies free-cash-flow growth of -11.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Far Eastern Department Stores Ltd (2903) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Far Eastern Department Stores Ltd (-11.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Far Eastern Department Stores Ltd (2903)?
The free-cash-flow yield on the price is 19.71 %: that much free cash flow Far Eastern Department Stores Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Far Eastern Department Stores Ltd (2903)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Far Eastern Department Stores Ltd it is 26.52 TWD per share (as of Nov 5, 2026), against a price of 21.35 TWD. It is the blended result of 23 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Far Eastern Department Stores Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 2903 trades below its calculated fair value: price 21.35 TWD, fair value 26.52 TWD, a gap of about +24% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2903?
No. The price is what the market pays today (21.35 TWD); the fair value is what the company's own numbers justify (26.52 TWD). For Far Eastern Department Stores Ltd the two are 5.17 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Far Eastern Department Stores Ltd worth?
The market values Far Eastern Department Stores Ltd at about 30.3B TWD (market capitalisation, as of Nov 5, 2026). Per share that is 21.35 TWD; our models calculate a fair value of 26.52 TWD per share.
What do the bullish and bearish scenarios say about 2903?
Our models span a range for Far Eastern Department Stores Ltd: cautious scenario 19.89 TWD, base 26.52 TWD, optimistic 33.15 TWD per share (as of Nov 5, 2026, price 21.35 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2903?
Far Eastern Department Stores Ltd trades at a price-to-earnings ratio of 14.4 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 26.52 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 16.7. Other multiples: PEG 0.7, P/B 1.0, P/S 0.9, EV/EBITDA 4.8.
What is the PEG ratio of 2903?
The PEG ratio of Far Eastern Department Stores Ltd is 0.71 (P/E divided by earnings growth, as of Nov 5, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Far Eastern Department Stores Ltd (2903)?
Balance-sheet figures for Far Eastern Department Stores Ltd (as of Nov 5, 2026): return on equity 6.6%, debt of 0.47 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is 2903 from its 52-week high?
Far Eastern Department Stores Ltd trades at 21.35 TWD, about 13% below its 52-week high of 24.40 TWD and at the low of 21.35 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 26.52 TWD is for.
Which stocks are comparable to Far Eastern Department Stores Ltd?
From the same area (Consumer Cyclical) we also value Falabella S.A, Dillard's, Inc, 99 Speed Mart Retail Holdings, Macy's, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Far Eastern Department Stores Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price 21.35 TWD, calculated fair value 26.52 TWD (+24%), Quality Score 58/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2903 calculated?
We run Far Eastern Department Stores Ltd through 23 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 26.52 TWD builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Far Eastern Department Stores Ltd currently trades 19% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Far Eastern Department Stores Ltd (2903)?
The closing price on Nov 6, 2026 was 21.35 TWD. Our model-based fair value is 26.52 TWD, about +24% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Far Eastern Department Stores Ltd right now?
Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Far Eastern Department Stores Ltd (2903) come from?
Earnings per share at Far Eastern Department Stores Ltd grew +5.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.1 %, EBIT margin +7.1 %, tax rate +2.2 %, residual (interest, one-offs) −0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Far Eastern Department Stores Ltd
How large is the market capitalisation of Far Eastern Department Stores Ltd (2903)?
The market capitalisation of Far Eastern Department Stores Ltd is 30.3B TWD (≈ $924M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Far Eastern Department Stores Ltd (2903)?
The price-to-sales ratio of Far Eastern Department Stores Ltd is 0.89 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Far Eastern Department Stores Ltd (2903)?
Earnings per share at Far Eastern Department Stores Ltd are 1.48 TWD (price ÷ EPS = P/E 14.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Far Eastern Department Stores Ltd (2903)?
The dividend yield of Far Eastern Department Stores Ltd is 5.9% (payout 84.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Far Eastern Department Stores Ltd (2903)?
The net margin of Far Eastern Department Stores Ltd is 6.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Far Eastern Department Stores Ltd (2903)?
The return on equity (ROE) of Far Eastern Department Stores Ltd is 6.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Far Eastern Department Stores Ltd (2903)?
On an EBIT basis the return on assets of Far Eastern Department Stores Ltd is 3.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Far Eastern Department Stores Ltd (2903)?
The operating margin of Far Eastern Department Stores Ltd is 13.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Far Eastern Department Stores Ltd (2903)?
Revenue at Far Eastern Department Stores Ltd is growing −0.3% versus a year earlier (3y avg −1.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Far Eastern Department Stores Ltd (2903)?
Earnings per share at Far Eastern Department Stores Ltd are growing −44.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Far Eastern Department Stores Ltd (2903) carry?
The net debt of Far Eastern Department Stores Ltd is 54.2B TWD (fiscal year 2025, ≈ 9.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 5, 2026